Warren Prods Bank CEOs On CFPB Arbitration Rule

Law360, New York (August 10, 2017, 2:56 PM EDT) -- Sen. Elizabeth Warren on Thursday challenged the top executives at 16 big banks to state publicly, rather than allowing their lobbying groups to speak for them, whether they support or oppose the Consumer Financial Protection Bureau's rule eliminating class action bans from arbitration clauses.

Warren, a Massachusetts Democrat, said in a letter to the banks that industry trade groups, including the American Bankers Association, the Financial Services Roundtable and the U.S. Chamber of Commerce, have been vocal opponents of the CFPB’s arbitration rule and have pushed...